The Securities & Exchange Commission of Pakistan (SECP) has started verification of the maintenance of functional websites by insurance companies according to the notification by SECP.
During this verification process, SECP found several deficiencies in the websites of several insurance companies after which the commission has issued notice to 33 insurance companies and directed them to make functional websites according to the notifications within 30 days.
On 10th July 2014, the SECP notified all companies to main functional websites with details about the company, its governance structure, objectives, financial position and election of directors that will benefit the public, its members and possible investors.
Through a notification of 10th December 2015 and SRO of 4th January 2016, the companies were directed to present all their related information on their website in Urdu language.
It was also ordered the companies on 15th July 2015 to show their earnings on their website through a web link. Earlier on 30th December 2011, the SECP directed all the insurance companies to show all their necessary information and claims etc. on their website in English and Urdu which can easily be followed.
Apart from that, the circular number 11 was released on 19th May 2014 through which all insurance companies were directed to show list of names of their policyholders not claiming their benefit along with names of their legal heirs.
These updates on the websites will provide valuable information to the policyholders and potential buyers while the companies can also give relevant and complete information to their customers.
The SECP has asked the companies to comply with these directions which are according to the best international practice and also achieves benefits due to global technical advances.
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